Nicholas S. Schorsch, a major shareholder in American Strategic Investment Co. (NYSE:NYC), has increased his holdings through a series of recent transactions. According to a Form 4 filed with the Securities and Exchange Commission, Schorsch acquired an aggregate of 4,055 shares of Class A common stock during three transactions conducted on January 10, 13, and 14, 2025. The purchases were made at prices ranging from $8.66 to $8.66 to $9.04. $ per share, which amounts to total expenses of $36,069. The company, which is currently trading at $8.99 and has a market cap of $24 million, appears to be undervalued according to InvestingPro analysis.
The transactions were carried out indirectly through Bellevue Capital Partners (WA:), LLC, where Schorsch is the sole managing member with voting and investment discretion. This filing highlights Schorsch's continued investment in the company, which operates as a real estate investment trust. InvestingPro Data shows that the company trades at a low price-to-book ratio of 0.26, despite maintaining a poor degree of financial health. Subscribers can access 8 additional ProTips and comprehensive analysis through the Pro Research Report.
Following these transactions, Schorsch's total beneficial ownership in American Strategic Investment Co. increased. to 935,086 shares, reflecting his position as a 10% owner.
In other recent news, the US strategic investment firm has made notable strides in its strategic financial plan. The company reported third-quarter 2024 earnings, revealing an increase in cash net operating income (NOI) and a 70 basis point increase in occupancy rates to 85.8%. However, a GAAP net loss of $34.5 million was also reported, primarily due to non-cash impairments, and a slight decline in revenue to $15.4 million from $16 million in the same quarter the previous year.
The company has completed the sale of its 9 Times Square property in midtown Manhattan for a total purchase price of $63.5 million, an important step in its strategy to improve its investment portfolio. This deal was particularly important, given the company's large debt burden. The buyer, 9 Times Square Acquisitions, LLC, has no other material relationships with the seller.
These latest developments highlight American Strategic Investment's focus on long-term value creation through strategic portfolio management, including asset divestitures. The company is also marketing properties for sale at 123 William Street and 196 Orchard, with the goal of investing the proceeds from these sales in higher yielding assets outside of New York City. This reflects the company's confidence in its proactive asset management strategy.
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